Non-standard IRA Statement Dates

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L1: Non-standard IRA Statement DatesGreat site. I have an IRA at a credit union from which I intend to take SEPP withdrawals starting in Feb. 2010. The CU account statements that I get are for a period that start on the 5th of a month and end on the 4th of the following month. So my IRA account statement for Jan. 2010 will show the IRA balance on Feb. 4th. I plan to start the SEPP withdrawals around Feb. 15th using the Feb. 4th balance. All the account balance examples and recommendations that I’ve read say to use month-end or year-end balances. I just wanted to make sure that there will be no problems with using account balances that are determined on the 4th of a month. 2009-08-29 16:53, By: kepler, IP: []
L2: Non-standard IRA Statement DatesNot a problem. The 02/04 balance should work fine as long as you will be using the Annuity or Amortization methods.
If using the Minimum Distribution method, you would probably want to use teh balance as of 12/31 – the credit union should be able to give you an off line statement.2009-08-29 17:24, By: Gfw, IP: []

L2: Non-standard IRA Statement DatesThe only reason that most people recommend using a month end balance for these calculations is that is when most account statements are published. If you can get a statement for any particular date, that should suffice for most SEPP purposes.
When I started my SEPP, I used March 15th as the starting date and the value of the account as of March 1st. I kept a printout of my acount value as of the close of business on March 1st so that I had a record of this that I can show to the IRS should the need arise. I did not use the 12/31 account value from the previous year because that number and the then current account value were significantly different.2009-08-30 14:36, By: Ed_B, IP: []

L3: Non-standard IRA Statement DatesEd_B… Great point
Your comment… “I did not use the 12/31 account value from the previous year because
that number and the then current account value were significantly
What you stated is more important than the actual date used. Any balance used must represent a “reasonable” representation of the actual account value.
From 2002-62… The account balance that is used
to determine payments must be determined in a reasonable manner based
on the facts and circumstances.
2009-08-30 14:49, By: Gfw, IP: []

L4: Non-standard IRA Statement DatesThanks, Gfw. I appreciateyour comments. 🙂
I just read a message on here from another “Ed” whose SEPP is ending in 2010. Oddly enough, so is mine! As of 3/15/2010,I will be free of all SEPP restrictions. I am looking forward to that and the elimination of any unexpected IRS SEPP “gotchas”.2009-08-30 15:01, By: Ed_B, IP: []